The Central Government has launched ‘Quarterly return filing & Monthly Payment of Taxes (QRMP)’ scheme for little taxpayers below the GST system. Taxpayers with a combination annual turnover of up to Rs five crore within the preceding fiscal year and have filed their October GSTR-3B (sales) return by November thirty, 2020, are eligible for this scheme. The notifications for an equivalent were issued by the Central Board of Indirect Taxes and Customs (CBIC).

 

About QRMP Scheme:

• Persons with combination turnover up to Rs five crore would be allowed to furnish their GSTR-1 and GSTR-3B returns on a quarterly basis, starting January-March quarter of 2020-21. Quarterly GSTR-1 and GSTR-3B also can be filed through an SMS.
• Taxpayers also can create GST payments each month, through challan, with the result from January 1, 2021.
• This may be done either by self-assessment of monthly liability or thirty-fifth of internet money liability of previous filed GSTR-3B of the quarter.
• Under this, the registered person or a remunerator can furnish a come for each quarter, under sub-rule (1) of rule 61A of the Central product and Services Tax Rules, 2017 and pay the monthly tax underneath sub-section (7) of section thirty-nine of an equivalent Act.
• Once the higher than changes, the act is known as because the Central product and Services Tax (Thirteenth Amendment) Rules, 2020.

The govt. has launched the Quarterly come filing & Monthly Payment of Taxes (QRMP) theme for tiny taxpayers under the GST system.

 

Taxpayers with a mixture annual turnover of up to Rs five large integer within the preceding twelvemonth and have filed their October GSTR-3B (sales) come by November thirty, 2020, are eligible for this theme.

 

The GST Council in its meeting remained October five, had same that registered person having mixture turnover up to Rs five large integer is also allowed to furnish come on a quarterly basis together with a monthly payment of tax, with the result from Jan one, 2021.

 

What is GSTR-3B?

GSTR-3B may be an easy outline come that each one traditional taxpayer should file monthly for the nine-month amount of July 2017 to March 2018.

 

On this type, taxpayers summarize and report the whole values of purchases and sales, without having to list invoice details.

 

Will there be invoice matching on GSTR-3B?

Since taxpayers don't seem to be needed to list invoice details on GSTR-3B, there's no method for matching invoices.

 

However, if the whole values of purchases and sales rumoured on GSTR-3B don’t match the values later rumoured on forms GSTR-1, GSTR-2, and GSTR-3 for the corresponding months, taxpayers are going to be needed to pay the extra GST, also as penalties and interest.

 

 

Who files GSTR-3B?

All registered taxpayers should file GSTR-3B, apart from the subsequent categories of taxpayers:

 

a) Input service distributors

b) Composition dealers

c) Suppliers of on-line info and info access or retrieval services (OIDAR)

d) Non-resident taxable  persons

 

Taxpayers should file form GSTR-3B although there are not any transactions within the month.

 

Can GSTR-3B be revised?

No. Once filed, taxpayers cannot revise form GSTR-3B at a later stage. 

 

What are the penalties for not filing GSTR-3B, or for filing late?

Late fees for filing GSTR-3B once the maturity date are:

Rs. fifty per day of delay

Rs. twenty per day of delay for taxpayers having nil tax liability for the month

If the GST quantity isn't paid till once the maturity date, taxpayers are to blame for paying interest of eighteen per cent every year. Interest are going to be calculated from the day following the maturity date, to the date of actual payment.

 

Details to be in GSTR-3B

Following are the vital details for taxpayers to report on type GSTR-3B:

Tax on outward and reverse charge inward provides, including:

 

Details of all outward provide, also like details of the inward provides that square measure eligible for reverse charge.

Total taxable worth, ISGT, CGST, SGST, and cess of provides. For exempted nil-rated provides and non-GST provides, taxpayers ought to report the whole worth.

Interstate provides

 

Form GSTR-3B conjointly needs taxpayers to report details of exempt, nil, and non-GST inward provides.

Interest and late fees

 

What is GSTR 1?

• The Goods and Services official document one may be a document each} registered remunerator has to file every month/quarter.
• It should contain the main points of all sales and provision of products and services created by the remunerator throughout the tax amount.
• but this come isn't applicable to composition vendors, non-resident foreign taxpayers and people with a singular number.

 

Latest Updates as per the forty-second GST Council Meeting

Starting on 1 Jan 2021, tiny taxpayers with mixture turnover of fewer than five crores will file quarterly GSTR one and GSTR 3B. The maturity date for filing the GSTR one come are going to be the thirteenth of the consecutive month within the succeeding quarter. However, the taxpayers will still submit invoices each month.

 

Roadmap for auto-generation of GSTR 3B from GSTR one is going to be effective from one Jan 2021. this may be effective for monthly filers from one Jan 2020 and for quarterly filers from 1 April 2020.

 

The auto-population of ITC from suppliers' GSTR one through freshly developed type GSTR 2B is going to be effective for monthly filers from one Jan 2021 and for quarterly filers from one Gregorian calendar month, 2021.

 

In order to alter auto-population of liabilities and ITC, type GSTR one should be obligatorily filed before GSTR 3B with the result from one Gregorian calendar month 2021. However, the current GSTR 1/3B file system can stay effective till thirty-one March 2021.

 

Taxpayers have conjointly been given an choice to pay thirty-fifth of cyberspace money liabilities of the previous quarter within the initial 2 months of the present quarter. they'll try this mistreatment an auto-generated challan.

 

Non-filing of GSTR-3B can end in blockage of GSTR-1 together with the e-way bill.